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Pam and Russ Martens: Fed Chair Jerome Powell twice broke his board's own trading rules
By Pam and Russ Martens
Wall Street on Parade
Thursday, February 10, 2022
An anonymous activist group called Occupy the Fed reported in a Substack article on Sunday that Fed Chair Jerome Powell traded on the final day of a Federal Open Market Committee meeting on April 29, 2015, when he was a member of the Federal Reserve's Board of Governors, and on the final day of an FOMC meeting on December 11, 2019, when he was chairman of the Fed.
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Powell's trading directly violates the Fed's written policy, which prohibits trading "during the period that begins at the start of the second Saturday (midnight) Eastern Time before the beginning of each FOMC meeting and ends at midnight Eastern Time on the last day of the meeting."
The FOMC meetings are typically when the most sensitive and market-moving information becomes available at the Fed, including votes on hiking or lowering interest rates and other confidential actions.
Dallas Fed President Robert Kaplan, Boston Fed President Eric Rosengren, and Fed Vice Chair Richard Clarida have resigned over their own individual trading scandals and not one of them has been charged with anything as directly in violation of Fed policy as trading on the very day the FOMC is in session.
We fact-checked the Occupy the Fed report by downloading the dates of all FOMC meetings from 2015 through 2020 and comparing them to the trading transactions listed on Powell's financial disclosure forms filed with the Office of Government Ethics (OGE) for years 2015 through 2020. We can verify that Powell traded on April 29, 2015, and on December 11, 2019. Both were the final day of the FOMC meeting. ...
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